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What to Know About Life Insurance for Diabetics

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Many people wrongly think that there is no diabetic life insurance. In reality, there are many types of life insurance available to the 34.2 million Americans who have diabetes.

Even while diabetes continues to be a health concern for many, it is still possible to find decent life insurance as a diabetic. The following are important considerations when purchasing life insurance if you have diabetes.

Insurance companies take into account a variety of factors.
In addition to knowing if you have diabetes, a life insurance company could also want to know the following details:

Whether you have Type 1 or Type 2 diabetes, how old were you when you received the diagnosis?
Your height and weight as well as the medications you take
How well you control your diabetes

Your levels of blood sugar
If you have any additional health issues, such as high blood pressure or heart problems,
In case you smoke,
your whole medical background
your ancestry
“Clinical underwriting” is offered by several life insurance firms. (Underwriting is the procedure an insurance company uses to evaluate your application for coverage.) This method of underwriting takes a more comprehensive approach to your health rather than concentrating on certain risk factors. A person who works in insurance will have more understanding regarding companies that perform clinical underwriting.

Each insurer has a unique underwriting process for diabetic life insurance.
One person who is knowledgeable about diabetic life insurance is Jake Irving. He is a licensed insurance agent and the owner of Willamette Life Insurance in Beaverton, Oregon. Irving specializes in helping people with diabetes find life insurance. He asserts that each insurer has unique underwriting rules for life insurance for diabetics.

The majority of insurers, according to Irving, are worried about your age at the time of diagnosis. He explains that earlier diagnosis gives related problems more time to manifest. This can make getting insurance more challenging.

The majority of insurers are also worried about diabetes’ significant side effects. The three main things that Irving says they are concerned about are hospitalization, amputations, and diabetic comas. However, simply because you lack one does not preclude you from being able to get coverage.

The ability to purchase life insurance is more likely for those with Type 2 diabetes than for those with Type 1 diabetes, to sum up.

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Diabetes increases the cost of life insurance regularly (but not always!).
Those who are in good health and don’t smoke often pay less for life insurance than those who are unhealthy or smoke. Having said that, Jake asserts that he has seen diabetics receive discounted insurance prices. The most expensive life insurance price tier is called preferred.

There are non-conventional plans on the market.
Gradual life insurance is one unusual option. Your beneficiaries will only receive a portion of the full life insurance amount if you pass away before a set waiting period. Two years is a typical waiting period.

Another choice is guaranteed-issue life insurance. Only a small portion of coverage is offered by this choice on the spot. There is no requirement that you undergo a medical exam or respond to any medical inquiries. Just be aware that your premium can be expensive and that you might only get a limited amount of coverage. Frequently, there is a waiting period as well.

Your ability to control your diabetes may improve your insurance.
Life insurance companies are more sympathetic to diabetics who are making an effort to control their condition. Regular medical visits, taking prescribed medications, maintaining a healthy weight, and having lower A1C and glucose levels are a few examples of what this might include.

Jake thinks you might be able to get a better rate if you have your diabetes under control. This is especially true if it has been a while after a hospitalization for diabetes. (However, be aware that the incident can still be on your medical record and affect your rate.)

The best option for you is to work with a certified insurance agent.
Working with an independent agent who is connected to several different life insurance companies is ideal. This implies that they will have the ability to compare coverage options for you. It also implies that customers may turn to other carriers if your application is rejected.

Think about working with an agency who represents high-risk candidates like Jake. These brokers have extensive knowledge of the insurers most likely to offer you the best protection.

Benefits of Combining Life Insurance with Long-Term Care

Hybrid cars are certainly something you’ve heard about. However, are you familiar with hybrid life insurance?

This policy combines both life insurance and long-term care coverage. Like hybrid vehicles, these hybrid policies are rising in popularity. This is as a result of their unique benefits.

How Does It Work?

Most people used to buy long-term care insurance as a separate policy in the past. Obtaining the protection as part of a policy that also includes life insurance is increasingly commonplace today.

The long-term care portion of the plan will pay for any necessary care if you develop a health problem and need it. The life insurance component, meanwhile, offers your loved ones financial security in the case of your passing.

You will be qualified for long-term care if you have a health condition. Your loved ones receive the full death benefit even if you never use the long-term care benefit.

Ten Benefits of a Hybrid Life Insurance Policy

more thorough coverage. A hybrid long-term care and life insurance policy offers you and your loved ones two essential protections.
It is simpler to acquire. The medical underwriting process for a hybrid life insurance policy is frequently less rigorous than it is for a solo long-term care insurance policy. You may just need to respond to a few health-related questions for some hybrid coverage.
Flexible options for making payments. A hybrid life insurance policy may be bought in one single sum or in yearly payments.
tax benefits. Payments from life insurance to heirs are not taxable. In some circumstances, you may also be able to deduct the cost of your long-term care insurance from your state and federal taxes.

requires less time and effort. A single insurance is typically simpler to research, buy, and administer than two separate ones.
decreases in premium growth. Cost is a major worry for many people. This is due to the potential price increases for stand-alone long-term care coverage. Hybrid strategies typically offer better price stability.
Possible death benefits include. You often forfeit the premium money you paid for a normal coverage if you never need long-term care. Your loved ones will receive the full death benefit with a hybrid policy even if you never need long-term care. Some insurance policies even promise a small death benefit regardless of the situation.

You have the option to fix your premium. You can set your premium payments in stone for some hybrid life insurance policies.
One choice is a money-back guarantee. Certain hybrid insurance may reimburse your money if, after a specified amount of time, you decide you don’t want the policy.
absolute serenity. Hybrid life insurance coverage helps to secure your family’s financial future while allaying worries about potential long-term care costs. Who needs that not at all?

Getting Coverage

A licensed insurance agent can help you decide which type of policy is appropriate for your needs and budget—a hybrid or standalone one. Learn about the three main ways to get long-term care insurance to start. Visit our page on long-term care insurance frequently asked questions for more information.

What do you think?

Written by Henry Okafor

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